Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 13, 2013 |
signed chap.481 |
Nov 01, 2013 |
delivered to governor |
Jun 21, 2013 |
returned to assembly passed senate 3rd reading cal.1610 substituted for s5083 |
Jun 21, 2013 |
substituted by a6855 ordered to third reading cal.1610 committee discharged and committed to rules |
May 08, 2013 |
referred to insurance |
Senate Bill S5083
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A6855 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C) 7th Senate District
2013-S5083 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6855
- Law Section:
- Insurance Law
- Laws Affected:
- Add ยง1415, Ins L
2013-S5083 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5083 TITLE OF BILL: An act to amend the insurance law, in relation to investments in foreign states sponsoring terrorism PURPOSE: The purpose of this bill is to prohibit investments made by insurance companies in certain foreign companies who do business in Iran from being considered an admitted asset. SUMMARY OF PROVISIONS: This bill would establish that investments made by domestic insurance companies in companies that invest in the Iranian energy sector are non-admitted assets. This bill would require that on or before December 30, 2013, and annually thereafter, insurers determine what investments, transfers, or other transactions they have made in the past calendar year with companies included on the list of companies that invest in the Iranian energy sector maintained by the Office of General Services in accordance with subdivision three of section 165-a of the NYS Finance Law. On March 1, 2014, and annually thereafter, insurers would be required to provide the Department of Financial Services with the list of investments. JUSTIFICATION: In 2012, New York State enacted the Iranian Divestment Act, which prohibits entities that invest in the Iranian energy sector from obtaining state and local government contracts (Chapter 1 of the Laws of 2012). This bill would build upon that precedent by prohibiting domestic insurance companies from including investments in
2013-S5083 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5083 2013-2014 Regular Sessions I N S E N A T E May 8, 2013 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to investments in foreign states sponsoring terrorism THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The legislature finds and declares all of the following: (1) The Federal Securities and Exchange Commission has determined that investments in foreign states sponsoring terrorism, such as Iran, that are subject to sanctions by the United States, may materially harm the share value of foreign companies. Shares in these foreign companies may be held in the portfolio of insurance companies issuing policies to New York consumers. (2) Publicly traded companies in the United States are substantially restricted in doing business in or with foreign states, such as Iran, that the United States Department of State has identified as sponsoring terrorism. (3) Identifying persons with investments in foreign states, such as Iran, that sponsor terrorism and ensuring that those investments are financially sound is an important public policy priority. (4) It is the government of Iran, and not the people of Iran, that is responsible for Iran's support of terrorism and that commits egregious violations of human rights under which its own citizens are required to live. S 2. The insurance law is amended by adding a new section 1415 to read as follows: S 1415. INVESTMENTS OF DOMESTIC INSURERS IN PERSONS INCLUDED ON LIST OF PERSONS ENGAGED IN INVESTMENT ACTIVITIES IN IRAN TREATED AS NONADMIT- TED ASSETS. 1. AS USED IN THIS SECTION, THE FOLLOWING DEFINITIONS SHALL APPLY: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10320-02-3
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